Opening statement from the President

2006 has been an important year for the Institute. Building on our recognised strengths we have focused on representing and supporting our members and exerting our influence on behalf of the profession.

This annual review describes the progress we are making towards our strategic goals. Much of what we are doing is work in progress but there is a renewed sense of energy and purpose within the Institute.

Much of the credit for this must go to Eric Anstee and Michael Izza who instigated many of the changes that were essential for the Institute to grow and develop. Eric led the Institute with vision and commitment and helped put in place the foundations on which Michael will now continue to build, determining where we need to focus our efforts going forward.

The business landscape is changing. As an organisation we need to keep pace if we are to maintain our position as a world-leading professional body. That we are now training in China and Russia; that we are partnering with organisations such as the World Bank; that we are convening debate on professional and business issues in Washington and Beijing; that the quality of our thought leadership is recognised by organisations as diverse as the European Commission (EC) and the Securities and Exchange Commission not only confirms that we are up to that challenge but demonstrates the vital role that we have to play.

In a speech at our annual conference in November the Economic Secretary to the Treasury, Ed Balls, said:

‘Your profession makes an important direct contribution to UK jobs and prosperity employing 200,000 highly skilled professionals and providing tangible services for which customers pay over £7.5 billion per year. These services facilitate a huge range of business activity. Not just the archetypal recording, reporting and audit of financial information, but the provision of a much wider array of specialist advisory and consulting services… The competitive strength of the UK profession in delivering these services is proven by your ability to sell in the most demanding of international markets – generating a surplus of nearly £700 million of exports last year. And I know how important a role the ICAEW... play(s) in delivering these successes.’

Whether you are a practitioner dealing with the ramifications of early filing; a finance director implementing the detail of International Financial Reporting Standards (IFRSs); an investor wanting to understand differences between corporate governance standards in different jurisdictions; a newly qualified considering where your ACA might take you; the Institute is here to represent and support you.

Richard Dyson
President